Real Estate

MAG 5 signs main contractor

August 2016

Mag 5 Property Development (MAG 5 PD) has signed up Fujairah National Construction Company as the main contractor for its Boulevard project at Dubai South.

MAG 5 PD is a joint venture between MAG Property Development and MBM Holding, a Dubai-based Royal Family office and investment holding company.

Talal Moafaq Al Gaddah, the chief executive of MAG 5 PD, says: “We are delighted to announce FNC as the main contractor for MAG 5 Boulevard, our first medium-income housing community in the UAE offering exceptional residential living with prices starting from Dh380,555 ($103,606).”

Strategically located within Dubai South’s residential area of “The Village” adjacent to the Expo 2020 site and Dubai Parks – and with the whole area being developed in anticipation of this international event of significant importance to the emirate – completing this project within two years was an important requirement of the project tender, remarks Al Gaddah.

MAG 5 Boulevard is a landmark community that offers exceptional residential living at affordable prices.

Centered around the ‘Greenbelt Park’ – UAE’s largest linear network of parks –  with expansive greens as a focal point, the development is surrounded by a variety of resort activities for residents including running and cycling tracks, playgrounds for children,  and community and retail centres that support the residents.

Situated in close proximity to schools, offices and hospitals, MAG 5 Boulevard will offer extensive landscaping, pools, outdoor leisure spaces, children’s areas and a community centre. All of the development’s apartments will feature balconies and its expansive footprint will allow for ample parking.

With the construction value estimated at Dh700 million ($191 million), MAG 5 Boulevard will comprise 1,172 residential units, complemented by an array of retail, dining, leisure and entertainment amenities.

The project, which was due to break ground last month, is destined to become a 24-hour living, walkable community spread over 800,000 sq ft of land. Phase One handover for the development is scheduled to commence in the fourth quarter of 2018.

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